I answered other, because nearly all of them are true to some degree....at least according to many common western magical persepctives.

To elaborate:

According to hermetics, the western magic mostly commonly taught here, when a human dies, their soul will depart from this physical sphere into a region in the astral plane that is harmonious with the composition of their own soul. For example, someone with a largely negative soul will go to a similarly negative region, which in a way could be perceived as "Hell", due to the negative regions being well.... hellish And of course, a noble, positive soul will go to a region similarly positive, which can be perceived as heaven.However, this isn't necessarily about punishment or reward - a soul simply needs to be in a region that is synchronized with their composition, or else the soul would be dissonant with the incorrect region, and it would gradually be forced to transmute itself into the composition of that region. Usually, as far as I know, a soul will only be forced into a disharmonious region through unnatural means.For example, if a man was to bind himself in a contract with a demon where he would have to serve it after death in return for whatever things he recieved through the deal, his soul would be bound to the demon's sphere upon death so as to fulfill his contract, and his soul would gradually conform to the composition of that region, and he essentially would become a demon himself.

Anyways, human souls usually will reside within the astral sphere until they are ready to reincarnate again.However, eventually a human soul will no longer need to reincarnate due to development, and instead can reside in his correspondent region of the astral sphere practically forever, or he can dissolve his astral body and move up to the mental sphere.

Another possibillity is the death or dissolving of the personal consciousness/Ego willingly, which is often called the mystic's death, since it is primarily done by mystics who seek to merge or dissolve themselves into the subject of their studies.My understanding of this operation is limited, but it's something like this:A mystic who's subject is Light, for this example, will develop there spirit and soul much like a magician would in order to break the cycle of reincarnation, and once he dies and tranfers to the astral sphere, he will work to dissolve his astral body and move up into the region of the mental sphere which is correspondent to Light, and I think there is one step further where he merges or dissolves his mental body into the principle of Light, literally becoming one with it, destroying his personal Ego and conciousness in the process.Again, my knowledge here is limited, so I might possibly have details wrong.

But as we can see, according to this perspective there is some truth to nearly all of them.Of course I make no claims of this perspective being the absolute truth, nor will I claim I have evidence of this, I am simply giving you all some "food for thought", so take it as you wish

From what I've read of NDE and past life research, it seems that reincarnation is the most likely answer.

In many first hand accounts, there is some celestial place where souls reside in between incarnations. This place is incredibly beautiful, being even more vivid and "real" then the physical world. There's usually some divine/angelic figure who gives them advice and helps them prepare for their next life. When they're ready to incarnate, they can view potential lives and actually pick their human identities.

Of course, all of this is filtered through unreliable first hand accounts from past life regressions and NDE experiences. But there are common tropes present in many of these accounts that are worth looking into.